Question
G. Brown's sales including VAT were 130,000 in November 2020, then 150,000 in December 2020, and 110,000 during January 2021. Suppose that the rate
G. Brown's sales including VAT were 130,000 in November 2020, then 150,000 in December 2020, and 110,000 during January 2021. Suppose that the rate of VAT was 20 per cent until 31 December 2020 and 22.5 per cent from 1 January 2021. Exactly three-fifths of Brown's net sales are subject to VAT, the rest being zero-rated, What is the correct total credit to Output VAT in Brown's general ledger for the quarter to 31 January 2021?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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